Do carrier expectations indicate industry structure in container shipping? An econometric analysis

Journal of Shipping and Trade

Table 6 Rational expectations island model: GMM

Series	Constant	Growth Rate Market Level Import Volume	Growth Rate Total Import Value	Real Price Bunker Fuel	Shocks	Adj R-Squared	F-Statistic
Full Sample N = 72
All Trades	0.040^a (1.72)	0.361^a (1.81)	−0.073 (− 0.56)	−0.006 (− 0.49)	−0.003 (−.091)	0.16	2.23
ETP	0.022 (0.62)	0.678^b (2.56)	−0.126 (− 0.60)	−0.020 (− 1.00)	0.006 (0.14)	0.44	5.37^c
WTA	−0.016 (− 0.56)	0.247 (1.24)	0.332^b (1.96)	0.030 (1.59)	− 0.088^b (− 2.40)	0.41	6.26^c
Pre-Block Exemption (WTA, N = 38)
WTA	0.039 (0.92)	−0.068 (− 0.26)	−0.221 (− 0.95)	0.033 (− 0.80)	−0.084^b (− 2.05)	0.19	1.01
Post-Block Exemption (WTA, N = 33)
WTA	−0.100^b (− 2.20)	0.197 (0.71)	0.449^b (2.08)	0.067^c (3.22)	−0.087^a (− 1.74)	0.83	21.66^c

^aSignificant at the 10% level, ^bsignificant at the 5% level, ^csignificant at the 1% level